How do I know my new idea will work?

I have been running a services business for several years and need to take this struggling beast to the next level. Our team has come up with several ideas, but how do I know which one is worth pursuing? And what if it fails?

Dear Aunty B

I have been running a services business for several years and need to take this struggling beast to the next level. Our team has come up with several ideas, but how do I know which one is worth pursuing? And what if it fails?

Thanks,
DN of SA

Dear DN of SA,

So what if it fails? I say that in a cavalier fashion, but all business comes with risk. But you know that, because you are already in business. You have to accept that there is a chance you will fail.

There, not so bad is it? Like more entrepreneurs, I’m guessing you actually find a bit if risk invigorating.

Now, how should you decide which idea is worth pursuing? Start by looking at what you and your business needs.

Do you need cash in the door? Well, which idea is going to deliver that?

Do you want to diversify, either by expanding your product range or going into an entirely different market? Then figure out which idea will you with that.

Once you’ve decided your priorities, it should become pretty obvious which ideas are going to work best.

And when you’ve picked the idea you want to follow up, make sure you do plenty of market research before you jump. You will never eliminate risks, but at least you will be able to understand and mitigate them.

Good luck,

Your Aunty B